Seattle Capitalist Raises Every Employee's Income to $70,000

[Mac1958]

...the redistribution will occur "over the next few years, giving the company time to adjust its bottom line...

Whoa, I didn't know about part. All that positive publicity and no short term pain. Smart.

Lots of ways to "adjust the bottom line", which will come primarily from cost-cutting, I'd guess. You can't raise prices unilaterally. It will be interesting to see what the cost-cutting will look like, but it's safe to assume he'll keep his number of new hires to a minimum (including through attrition) and increase productivity expectations.

I haven't seen the numbers to know how much cutting his own salary will have an effect. He's betting his equity in the company will make up for his salary drop.

Interesting experiment.

.

 

[PaintMyHouse]

Not a good capitalist but I like him.

You like him BECAUSE he's not a good Capitalist. The same reason I hate him.

I'm also not a good capitalist, I care about people and am nice to them. That's hard on the bottom line.

 

[georgephillip]

yeah sure. Look what they pay these politicians. and most of them are idiots

This is some stunt. So why don't you open a business and follow in his foot steps

"Dan Price, founder and CEO of Gravity Payments, shocked everyone last Monday, including his 120 employees, when he announced that he would raise the minimum wage at his credit card processing firm to $70,000 a year.

"Price says a series of moments over the past 12 years since starting the company culminated in a recent epiphany that led him to make this radical decision.

"The first person Price hired started with a salary of $24,000 and no healthcare benefits.

“'It was a pretty bad package, and I felt horrible about it,' Price tells Business Insider. 'It was always eating away at me, and I promised myself that I would do the best I could to resolve that as soon as I could.'”

Business Insider CEO describes the moment when he decided to raise his company s minimum wage to 70 000 a year - Gravity Payments

What's the problem, Steph?
'Afraid of a little competition?

 

[Anathema]

I'm also not a good capitalist, I care about people and am nice to them. That's hard on the bottom line.

So, in the kindest words I can use; you're a fool. Nobody other than ourselves care about any of us. We're on our own. To think otherwise is ridiculous.

 

[georgephillip]

haven't seen the numbers to know how much cutting his own salary will have an effect. He's betting his equity in the company will make up for his salary drop.

Interesting experiment.

"He (Price) was hiking with a friend in Seattle, Washington. She started talking about how her rent would be increasing by a few hundred dollars a month, and she was trying to figure out how to make it all work financially.

“'This is somebody who is just as smart as me, working just as hard as me,' Price says. 'Here I am making a million dollars a year, while she’s just trying to figure out how to make ends meet.

“I thought, ‘I can sit here and think about it and talk about, or I can actually do something about it.

'”Price spent the next couple of days trying to make the numbers work, and then talking to select coworkers, mentors, and family members about his plan to cut his own salary and use company profits in order to set a new minimum wage of $70,000 per year.

“I asked them if they thought I was insane. They said yes,” he says. “And then I asked them if I was making any mistakes on the math, and they said no. The math was right.'”

It will be interesting to see how Price's experiment turns out.

Business Insider CEO describes the moment when he decided to raise his company s minimum wage to 70 000 a year - Gravity Payments

 

[Stephanie]

I'm also not a good capitalist, I care about people and am nice to them. That's hard on the bottom line.

So, in the kindest words I can use; you're a fool. Nobody other than ourselves care about any of us. We're on our own. To think otherwise is ridiculous.

lol, he keeps dreaming for that liberal/Socialist Utopia to happen. you know: where it's what Everyone has is his and what's his is his...Then he get's to live that life of Leisure. OFF everyone else's blood, sweat and tears

 

[PaintMyHouse]

I'm also not a good capitalist, I care about people and am nice to them. That's hard on the bottom line.

So, in the kindest words I can use; you're a fool. Nobody other than ourselves care about any of us. We're on our own. To think otherwise is ridiculous.

Is it foolish to care about others? For sure, but it's childish not to. You, like Bripiss, are an infant, a selfish one. That's what makes you unworthy of anyone giving a damn about you, which is why no one does since they get nothing but trouble for their efforts.

There's a price to be paid for love, and you won't pay up, so you live without it. That much is your choice but it's one only utter fools and sociopaths make. The word for that, Rationalization, and it's not a good thing.

 

[Edgetho]

And somehow dimocrap scum feel like they're responsible for this?

Why?

My brother and I applied at Lincoln Electric when we were younger. Much younger.

We didn't get the job(s). But what this douchebag is doing is nothing more than a publicity stunt. Let me know when the money starts actually flowing to the workers.

Meanwhile at Lincoln Electric (a truly Capitalist Company)

The miracle of profit-sharing Year 65 and still no layoffs

Frank Koller: The annual profit-sharing bonus ceremony was held Friday inLincoln Electric’s Cleveland cafeteria, which Making Sen$e has covered extensively over the years on the NewsHour and on the Business Desk. Here are the latest numbers for the Ohio-based multinational welding manufacturer, now 118 years old.

80: uninterrupted years of paying an employee bonus (i.e. profitable every year since 1934)

$33,029: average 2013 bonus per U.S. employee (roughly 3,000 employees)

$81,366: average 2013 total earnings per U.S. employee (wages or salary + bonus)

$100.7 million: total pre-tax profit shared with employees, Lincoln’s largest bonus pool ever

0: number of layoffs in 2013 (that makes 65 years without any layoffs)

That's how adults do it.

Here's what dimocraps remind me of when they comment on grown up matters

Cute, little girls. Now go play with your dolls

 

[PaintMyHouse]

I'm also not a good capitalist, I care about people and am nice to them. That's hard on the bottom line.

So, in the kindest words I can use; you're a fool. Nobody other than ourselves care about any of us. We're on our own. To think otherwise is ridiculous.

lol, he keeps dreaming for that liberal/Socialist Utopia to happen. you know: where it's what Everyone has is his and what's his is his...Then he get's to live that life of Leisure. OFF everyone else's blood, sweat and tears

That's not me at all, but thanks for being entirely wrong, as usual.

 

[georgephillip]

And somehow dimocrap scum feel like they're responsible for this?

Why?

Because you are truly a one trick pony.

"Gravity Payments was founded in 2004 by brothers Dan Price and Lucas Price. Gravity payments grew rapidly from its small start-up roots to a 100+ employee company that is currently the largest payment processor in Washington State with clients located all over the United States.


"Dan Price, co-founder and CEO of Gravity Payments
In June 2010, Dan Price was honored by President Barack Obama[1] for his entrepreneurship and the sustained success of Gravity Payments.

"Services[edit]
Gravity Payments provides full-spectrum payment processing including: Credit and Debit Card Processing, Electronic Check Payment Processing, Gift and Loyalty Programs, and E-Commerce.

Gravity Payments - Wikipedia the free encyclopedia

 

[Anathema]

Is it foolish to care about others? For sure, but it's childish not to. You,.... are an infant, a selfish one. That's what makes you unworthy of anyone giving a damn about you, which is why no one does since they get nothing but trouble for their efforts.

There's a price to be paid for love, and you won't pay up, so you live without it. That much is your choice but it's one only utter fools and sociopaths make. The word for that, Rationalization, and it's not a good thing.

How do you suggest that I'm an infant? I'm the one who takes care of myself. I don't ask others for help or to care. I don't expect anything from anyone.

I'm not interested in love. Life, like business, is about investments.... input and return. There is no return on emotional entanglement.

 

[Stephanie]

And somehow dimocrap scum feel like they're responsible for this?

Why?

Because you are truly a one trick pony.

"Gravity Payments was founded in 2004 by brothers Dan Price and Lucas Price. Gravity payments grew rapidly from its small start-up roots to a 100+ employee company that is currently the largest payment processor in Washington State with clients located all over the United States.


"Dan Price, co-founder and CEO of Gravity Payments
In June 2010, Dan Price was honored by President Barack Obama[1] for his entrepreneurship and the sustained success of Gravity Payments.

"Services[edit]
Gravity Payments provides full-spectrum payment processing including: Credit and Debit Card Processing, Electronic Check Payment Processing, Gift and Loyalty Programs, and E-Commerce.

Gravity Payments - Wikipedia the free encyclopedia

sorry, but that one trick pony is YOU. Always wanting something for nothing out of others

 

[georgephillip]

Anyone who took that money and did as you suggest is an idiot. If someone was willing to double my salary without increased responsibilities that's pure profit.

How that profit is used/invested can have many different ripple effects:

"'To hear those numbers is just, wow,' said Alyssa O'Neal, who will more than double her salary. She came to Gravity from a career in the Army and is already making plans for her young family.

"'House, absolutely, I have this goal of being a 21-year-old homeowner and I'm going to reach that now and I'm stoked,' she said."

"Price is taking a big pay cut to make the raises possible, but says it's worth it to make his employees happy and build loyalty.

"'I think this is just what everyone deserves,' he told employees."

Seattle CEO to pay employees 70 000 minimum wage

 

[Stephanie]

a 21 year old HOME OWNER? and she be stoked

I'm having hard time being believing any of this. but his money. he should give it all away. start with the people on skid row next

 

[Anathema]

How that profit is used/invested can have many different ripple effects

That's nice but wtf cares where she lives? So long as she shows up at work and does her job

 

[georgephillip]

 

[Dont Taz Me Bro]

According to Professor Wolff's account, the CEO is willing to work for the same income as every one of his employees. If this is true, it might start a useful conversation about the voluntary redistribution of US income inequality.

It most certainly has, George. It most certainly has.

http://www.nytimes.com/2015/08/02/b...klash-against-the-raise-that-roared.html?_r=1

 

[HenryBHough]

So long as he keeps up his unemployment tax payments this could turn out OK.

 

[danielpalos]

I believe unemployment taxes should be general taxes on firms instead of what we have now.

 

[longknife]

Seattle's $15 Minimum Wage and Job Market



It only affects the 600k living within the city limits and not the 3 million who live in cities and suburbs surrounding it. So, it's too early to come up with accurate figures. One thing is certain – it's hurt the restaurants in the city – while the rest of the state is doing just fine thank you.



Read more @ What Happened to Seattle's Job Market After Minimum Wage Hike